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Minera Alamos Inc. Announces C$8.5 Million Bought Deal Private Placement Agreement with National Bank Financial Inc.

Nov 20, 2024•over 1 year ago

Contract Type

agreement

TorontoOtherMining

Description

Minera Alamos Inc. has entered into an agreement with National Bank Financial Inc. for a bought deal private placement of 28,333,000 common shares at a price of C$0.30 per share, resulting in aggregate gross proceeds of approximately C$8.5 million. The net proceeds from the offering will be used to fund the expansion and development of its Santana open-pit, heap-leach mine in Sonora, and for exploration and development activities at its Cerro de Oro Project in northern Zacatecas.

Company Information

Company

Minera Alamos

Location

55 York St., Suite 402

Toronto, Ontario, Canada

About

Minera Alamos is a gold developer/producer with its first low capex mine, Santana, continuing to work through its start-up development. A planned permit amendment that is awaited should allow production level to stabilize at initial planned rates. In addition, the Company is advancing its second planned mine, Cerro de Oro, through the permitting process. The 100%-owned Cerro de Oro oxide gold project in northern Zacatecas had a PEA completed in 2022 and a debt/royalty funding package in place in 2023 ahead of receipt of permits. The project is our second industry leading low capital intensity build with an initial planned production profile of 60,000 oz/y over 8 years for sub $30 million of initial capital. The La Fortuna open pit gold project in Durango (100%-owned) has an extremely robust and positive preliminary economic assessment (PEA) completed and the main Federal permits in hand.

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